Whale Activities Propel XRP Price Surge; Ripple Smashes Bitcoin in Korea – Analyst $1 XRP Price Target

XRP has garnered significant attention from both individual and institutional investors. With a fully diluted valuation of around $55.7 billion and a daily trading volume of approximately $2.6 billion, these high-volume altcoins have seen substantial price fluctuations. Over the past two weeks, XRP surged by over 40% reaching 63 cents. However, this upward trend corrected, with the price falling more than 8% to about $0.558. 

A major development in the XRP ecosystem is the rise in whale transactions. According to on-chain data from Santiment, whales holding over 100,000 XRP now possess around 52 billion XRP. Recently, these whales have accumulated over 130 million XRP from various crypto exchanges, including Binance, Bitso, Bitstamp, and Upbit. This significant accumulation of whales has led to increased activity on the XRP Ledger network. 

The whale-driven demand has triggered FOMO (Fear of Missing Out) among other investors on the XRPL network. According to Sentiments data, there has been a significant increase in the number of new and existing addresses interacting on the XRPL platform, reaching levels not seen since March. This surge in activity indicates growing interest and engagement from both large and small investors within the XRP ecosystem.

The technical outlook for XRP appears optimistic, with the price forming a macro bullish pattern similar to the pre-2017 parabolic breakout. Many in the XRP community are hopeful for a favorable resolution to the ongoing lawsuit between the SED and Ripple. Additionally, some community members believe that Donald Trump’s potential re-election could positively impact Ripple’s standing. 

Meanwhile, news emerged that XRP outpaced Bitcoin in Korea yesterday with trading volume exceeding Bitcoin’s twice more. While BTC recorded $282 million in trade volume, XRP surged to $650 million. 

This is significant given Korea’s prominent role in the global crypto market.